High Gear Ins Ltd of Unit 2, Regents Court Nettlefold Road, Cardiff CF24 5JQ are authorised and regulated by the Financial Conduct Authority (FCA). Their Firms Registration Number is 621980. We are permitted to arrange, deal as an agent of insurers and assist in claims handling with respect to non-investment insurance policies.
You can check these details on the FCA’s Register by visiting the FCA’s website https://www.fca.org.uk/register or by contacting the FCA on 0800 111 6768 (freephone) or 0300 500 8082 from the UK.
We are an independent insurance intermediary. We place insurance and insurance–related services with a number of insurance companies, not just one, and with a number of insurance-related service providers.When you appoint us to work for you, we become your agent. This means that we are acting in your interests and upon your instructions, to secure the agreed outcome for you. There are occasions where we undertake certain duties on behalf of an insurer (for example, we sometimes issue policy documentation), and when this takes place the legal position is that we are acting on behalf of the insurer only for that specific task. We will clearly identify these circumstances to you so that you are correctly informed. So that we avoid any perceived conflict of interest or questions of propriety we do not hold agreements with insurers to settle claims.
We will consult with you about the risks that you face. We will talk with you about how you might insure against those risks. For those risks that you want to insure against, we will take your instructions and endeavour to obtain quotations. We will draw to your attention any onerous or unusual terms as soon as we are made aware of them. We will provide you with relevant documentation as soon as possible. Where this documentation is produced by insurers, delays may be experienced. Specimen or standard policy wordings will be made available to you at your request. If you reasonably disagree with an insurer’s decision following a claim that you have made, we will notify you of complaint procedure. We may recommend that you instruct a solicitor, and if you do, this will be at your own expense. When policies that we have arranged become due for renewal, we will prepare quotations in accordance with your revised instructions. In the absence of revised instructions, we will prepare quotations on the existing basis.
We will discuss quotations with you in advance of renewal to ensure that you have sufficient time to consider our terms or make an alternate arrangement. If it is likely that cover will not be available after expiry of the present period of insurance then we will let you know of this possibility as soon as we think that it is likely. Please note that if this agreement is terminated, we will not prepare renewal quotations for you and cover will expire. You will need to make an alternate arrangement. These are our core services. We may undertake additional specific work on your behalf by agreement. In this event, these Insurance Broking Terms of Business shall continue to apply in respect of additional work unless otherwise agreed in writing.
Providing information to your insurers
Your insurance is based upon the information provided to the insurance company.
For Consumers (individuals buying insurance wholly or mainly for purposes unrelated to their trade, business or profession) this means that you must take reasonable care to answer all questions fully and accurately. Once cover has been arranged, you must immediately notify us of any changes to the information that has been provided to your insurers. Failure to provide accurate and up to date information may invalidate your insurance cover and mean that a claim may not be paid.
All other customers must disclose all ‘Material Facts’ (any information that may influence the insurer’s decision over cover or terms) prior to inception and throughout the period of insurance. Failure to disclose material information may invalidate your insurance cover and could mean that a claim may not be paid.
We will act in accordance with your reasonable instructions to the best of our abilities. If we are not substantially able to achieve what you want us to achieve or if it is not possible to achieve what you want then we will tell you. We will tell you what we can achieve. You may instruct us by fax, by e-mail, by telephone or during face-to-face meetings. We cannot guarantee that your instructions have been received unless we have acknowledged them in writing. We reserve the right to refuse instructions, but if we do, we will inform you. Communications using the Internet are not completely secure, and may spread harmful viruses.
If you would prefer us not to use e-mails, you must inform us. Please note that Office Hours are Monday to Friday, 9.00am to 6.00pm and Saturday 10.00 am to 4.00 pm. The office is not open for business on statutory (“Bank”) holidays. There may be a delay in responding to instructions, if they are received outside of Office Hours. We do not ordinarily issue receipts or acknowledgements unless specifically requested by you in writing.
Limitation of Liability
In the event of any breach of these terms and or in the event of any representation, statement or tortuous act or omission including negligence arising under or in connection with all contracts between us then the following provisions set out our entire financial liability (including any liability for the acts or omissions of our employees, agents and sub-contractors) to you. Nothing in these terms excludes or limits our liability for death or personal injury caused by the Company’s negligence, fraud, fraudulent misrepresentation or regulatory obligation. We shall not be liable to you for any indirect or consequential loss or damage, these may be losses that are not reasonably foreseeable, (whether for loss of profit, loss of business, depletion of goodwill or otherwise), costs, expenses or other claims for consequential compensation whatsoever (howsoever caused) which arise out of or in connection with the services we provide to you.
Our total liability in contract, tort (including negligence or breach of statutory duty), misrepresentation or otherwise, arising in connection with the performance or contemplated performance of our services to you (“Claim”) shall be limited to £1,000,000 (one million pounds). If you are not a Consumer (as defined by the FCA) and our professional indemnity insurers refuse to indemnify us for any claim made by or on behalf of you then our total liability in relation to that claim shall be limited to £1,000,000 (one million pounds).
Liability for Directors, Officers and Employees
You acknowledge and agree not to make any claim personally against any employee, director or officer arising out of the work and services provided under this agreement. This clause does not in any way limit or affect our liability to you as detailed in the limitation of liability clause.
How to cancel
You may have a statutory right to cancel this insurance within a short period. Please refer to your policy summary or your policy document for further details. If you cancel you will receive a pro rata refund of premium from the insurer. We may also keep an amount that reflects our administrative costs of arranging and cancelling the insurance.
If you wish to cancel outside this period you may not receive a pro rata refund of premium. We may also keep an amount that reflects our administrative costs of arranging and cancelling the insurance.
When we place insurances or insurance related services on your behalf, we are ordinarily remunerated by your insurer or insurance service provider. Commission may be paid on individual policies and or on a whole account basis. If we need to charge a fee payable by you then we will specify the amount of that fee and explain the nature of the fee before we commence work on your behalf.
Should you choose to cancel a policy of insurance after giving instructions to place cover or if you wish to terminate our appointment as your broker before policies have expired then the commission and/or fee will be deemed to have been earned in full and no refund will be paid in this respect. A refund of the premium element net of our remuneration may be made by insurers. In this event, any refund will be returned to you without unreasonable delay.
Fees and charges
Please refer to our tariff of administration charges for fees payable under these Terms of Insurance Business. These will apply if you instruct us to carry out a mid-term adjustment, renewal, cancellation, etc. on your behalf.
Renewing a policy is £30 plus the 15% commission of the insurance premium. The exact figure will be made clear to the customer before the policy is taken out. If you are making an alteration to a policy you will be charged £25 plus up to 15% of any additional or refunded premium. The exact number will be quoted prior to any changes being made. There is a charge of £10 for the issue of any duplicate documents via post. We aim to send all documents by email. If any documentation has to be sent via post there will be a £10 charge per letter. It is important to keep us up to date with your email address to ensure no charges are issued.
Renewing Your Policy
If your policy is due for renewal High Gear will confirm this with you up to 21 days prior to the renewal date. If your policy states that there will not be an automatic renewal we will need your instruction to renew. All of the information required will be enclosed in the renewal letter sent to your home address.
Cancellation of Policy
Always check your policy documents before cancelling. Many think that by simply cancelling your direct debit you will automatically cancel your policy. This is not true and could cost the customer a lot of money if the right cancellation procedures are not adhered to. If there has been a claim whilst under the policy then the full premium of the agreement must be paid. Additional incorporations onto your policy such as excess insurance, breakdown cover and windscreen protection will not be refunded at the cancellation of the policy under any circumstances.
Cancellation Charges and Refunds
Both High Gear and the insurance providers hold a policy that states all charges are non-refundable. You can change your mind about taking out a policy with us within the first 14 days of the agreement. There will however be a charge from us of £45. The insurers will only charge you for the days you have been covered under the policy as well as an administration fee ranging between £25-£50, insurers vary in the price of charges. If you wish to cancel after 14 days of the policy we will charge 10% of the value of the premium but no less than £75. It is totally dependent on how long your policy has been in force that will determine the percentage of the premium that you will be obliged to pay. If you wish to cancel your policy with us then you need to speak to a member of our cancellation team, the cancellation request must be sent via email or post as we do need visual proof you wish to cancel the policy. If you are entitled to any refunds they will be released after we have received the cover note or certificate of insurance depending on how far along you are into the insurance policy. The insurer will then process these documents, which usually takes around 25 days.
It is our intention to provide a high level of service at all times. However if you have reason to make a complaint about our service you should contact our Complaints Team at the above address or ring 0800 043 7755. You may be entitled to refer it subsequently to the Financial Ombudsman Service.
Further information is available http://www.financial-ombudsman.org.uk/ The FOS Consumer Helpline is on 0800 023 4567 (free for people phoning from a “fixed line” (for example, a landline at home) or 0300 123 9123 (free for mobile-phone users paying monthly charge for calls to No’s starting 01 or 02). Alternatively you can contact them at Financial Ombudsman Service, Exchange Tower, Harbour Exchange Square, London, E14 9SR.
A full copy of our complaints procedure is available on request.
How to claim
Please refer to your policy summary or your policy document if you need to notify a claim. You should contact the insurer direct as soon as possible using the contact details provided. If in doubt about whom you should contact, please contact us on 0345 257 0000.
Protecting your information
All personal information about you will be treated as private and confidential (even when you are no longer a customer), except where the disclosure is made at your request or with your consent in relation to administering your insurance, and except where law requires us. The FCA may ask us to provide it with access to our customer records in order that it may carry out a review of our activities. Some or all of the information you supply to us in connection with your insurance proposal may be passed to other insurance companies for underwriting and claims purposes. Under the Data Protection Act 1998 you have a right of access to see personal information about you that is held in our records, whether electronically or manually. If you have any queries, please write to the partners at the above address.
Protecting your money
Prior to your premium being forwarded to the insurer, and for your protection, we hold your money as an agent of the insurer (in which case your policy is treated as being paid for).
We may need to transfer your money to another intermediary in some cases. However your money will be protected at all times because of our requirements under the FCA rules. We also reserve the right to retain interest earned on this account.
By accepting these Terms of Insurance Business you are giving your consent for us to operate in this way
Insurance Premium Tax (IPT)
Your premium detailed in the policy will include IPT at the prevailing rate.
Should the rate of IPT be amended by the Government, your premium will be amended by the insurer to reflect the change.
Some policies are subject to Value Added Tax (VAT) not IPT and should the rate of VAT be amended by the Government, your premium will be amended by the insurer to reflect the change
We are covered by the Financial Services Compensation Scheme. You may be entitled to compensation from the scheme if we cannot meet our obligations. This depends on the type of business and the circumstances of the claim. Most Insurance contracts are covered for 90% of the claim, without any upper limit. Compulsory insurances (for example, motor insurance and employers’ liability insurance), are covered for 100% of the claim, without any upper limit Further information about compensation scheme arrangements is available from the FSCS on 020 7892 7300 or by visiting http://www.fscs.org.uk/
We do not guarantee the solvency of any insurer we place business with. We do not accept liability for any losses you may incur arising directly or indirectly from the financial failure or insolvency of any insurer.
You may have a liability for the premium, whether in full or pro-rata where a participating insurer becomes insolvent.
We will provide you with full details of all the payment options available to you when we provide you with your insurance premium. If you choose to enter in a finance arrangement, this will be subject to interest charges that we will confirm to you when providing the full details. Importantly, the arrangement you will enter into will be with the finance company not us. It is an entirely separate contract irrespective of the insurance contract. In the event of your failure to meet with the contractual obligations regarding payment the finance provider could approach the insurer to seek a termination of the insurance contract to recoup their outstanding finance arrears.
You will be liable to pay their costs and charges if you do not keep up your repayments and cover is cancelled under your policy. This is because the agreement is between you, the policyholder and the finance company direct, not us or the insurer.
Please note that we only use Premium Credit for the provision of premium finance facilities.
Please Note: Your policy cover will cease if you fail to keep up payments on an instalment agreement or premium finance facility related to it.
To make sure you get the best deal and to ascertain the most appropriate payment options for you and to protect you from fraud, we use public and personal data from a variety of sources, including a credit referencing agency and other organisations. Our search will appear on your credit report whether or not your application proceeds. As well as these searches insurance companies may use a credit check to ascertain the most appropriate payment options for you. This credit check will also appear on your credit report whether or not your applications proceed.
By agreeing to the terms and conditions you agree to these uses of your information.
This is our standard Terms of Business Agreement upon which we tend to rely. For your own benefit and protection you should read the terms very carefully. If you do not understand any point please ask for further information or clarification. These Insurance Broking Terms of Business supersede any previous Insurance Broking Terms of Business or any previous informal arrangement. They should be read in conjunction with other correspondence that you may have received from us. Together, they set out exclusively the basis on which we work for you. These Insurance Broking Terms of Business apply to existing and future work, which we do on your behalf, unless we agree otherwise in writing. We will give you notice of any change to these terms, which will then apply to any subsequent instructions.
These Terms of Business shall be governed by English Law and shall be subject to the exclusive jurisdiction of the English Courts.